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Home Equity Loans

Leverage your most valuable asset: your home

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Explore your options

Whether you’re looking to make home improvements or consolidate debt, a Home Equity Loan or Line of Credit might be just what you need.

  • Benefits

    Benefits

  • Loan Amount

    Loan Amount

  • Term

    Term

  • Loan-to-Value Ratio

    Loan-to-Value Ratio

  • Closing Costs

    Closing Costs

  • Availability

    Availability

  • Apply Now

Home Equity Loan

  • Benefits

    Provides you with a lump sum, up to the amount you are qualified to take, and sets a monthly payment over a predetermined term for repayment.

  • Loan Amount

    $10,000 – $250,000

  • Term

    Various terms available

  • Loan-to-Value Ratio

    Up to 95% of value minus current first mortgage balance

  • Closing Costs

    None

  • Availability

    Massachusetts and parts of New Hampshire

  • Apply Now

Home Equity Line of Credit

  • Benefits

    Gives you the flexibility to draw from a specified lump sum as you need the money. Payments are based on the amount you use and any additional advances, plus interest each month.

  • Loan Amount

    $10,000 – $250,000

  • Term

  • Loan-to-Value Ratio

    Up to 80% of value minus current first mortgage balance

  • Closing Costs

    None

  • Availability

    Massachusetts and parts of New Hampshire

  • Apply Now

Home Equity Rates

Home Equity Line of Credit*

Rates**

APR1

*Up to 80% Total Loan To Value on Primary Residences. Up to 70% Total Loan To Value on Secondary Residences. Other rates and terms available.  The actual obligation will be greater than payment shown.

**Rates are effective August 1, 2023, and are subject to change at any time. Home Owners Insurance is required. Minimum line amount $10,000 and maximum line amount $250,000.

1 APR = Annual Percentage Rate. For all Home Equity Line of Credit, terms see Important Terms of our HELOC. $5.00 Membership Account Required. Up to 80% loan to value. Other rates and terms available. Home Equity Lines of Credit are only available on Primary Residence and Second Homes (70% Total Loan to Value). Home Equity Lines of Credit are only available in the states of Massachusetts and parts of New Hampshire.

HELOC Consumer Guide

20 Year

Rates**

8.500%

APR1

8.500%

Home Equity FAQs

From application to underwriting to closing, the whole process for a Home Equity Loan typically takes a few weeks, however, this also depends upon the overall number of applications being processed. A member of our team can provide additional information at time of application.

Keep in mind that a complete file could be underwritten with a faster decision than an incomplete file. Be sure to check with your Mortgage Processor to inquire on the turnaround time of your specific application.

We do not extend a home equity loan or line of credit on mobile homes or investment properties. A Home Equity Loan and a Home Equity Line of Credit can be taken out on a primary residence or secondary residence.

  • A Home Equity Loan, aka HELOAN, is a fixed rate loan. It is an installment and a closed end loan. You choose the term of the loan and once the loan is paid in full, the loan would be automatically closed.
  • A Home Equity Line of Credit, aka HELOC, is based on a variable rate. The term is 20 years with the first 10 years being the draw period and the remaining 10 years being a repayment period. The Line of Credit is a revolving and an open end loan. Similar to a credit card, the minimum payments due are interest only and you would only pay interest if you carried a balance. Members are able to draw, pay back, and continue to use the Line of Credit (given the availability) within the first 10 years. Unlike the Home Equity Loan, the balance of a Line of Credit can be paid in full and remain open, unless requested to be closed by the borrower. If there is a balance at the end of 10 years; the balance will be divided amongst the repayment period.

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